The Arena

“It is not the critic who counts; not the man who points out how the strong man stumbles, or where the doer of deeds could have done them better. The credit belongs to the man who is actually in the arena, whose face is marred by dust and sweat and blood; who strives valiantly; who errs, who comes short again and again, because there is no effort without error and shortcoming; but who does actually strive to do the deeds; who knows great enthusiasms, the great devotions; who spends himself in a worthy cause; who at the best knows in the end the triumph of high achievement, and who at the worst, if he fails, at least fails while daring greatly, so that his place shall never be with those cold and timid souls who neither know victory nor defeat.” Teddy Roosevelt, April 23, 1910

Regardless of the arena we will strive valiantly, we will be marred, but we are engaged in the worthy cause of business.

Market Moments:

Private equity firms promise millions for coronavirus relief: Over the past week, some of the biggest names in private equity have proved willing to reach into their deep pockets to help first responders battling the coronavirus outbreak and aid their own portfolio companies struggling to stay afloat. Firms such as Apollo Global Management, Blackstone and KKR are all taking different approaches. KKR has made the biggest public commitment so far, pledging $50 million to a range of beneficiaries, including first responders and the firm’s portfolio companies. (Source: Pitchbook)

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